Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)


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Likewise, before taking on the task of filing for bankruptcy, you want to exhaust all of your options. The bankruptcy process involves a lot of paperwork, and your finances will likely be subjected to myriad hoops in order to be approved for your choice of filing. The court will also decide which creditors you have to pay back, and in what order.

In other words, you will lose some financial control and privacy during this process, so you need to be prepared to face that. For this service, some lawyers charge a flat fee, while others charge based on the amount of debt you owe. Either way, you are required by law to pay your attorney fees no matter what.

Chapter 7 - Bankruptcy Basics

Obviously, your choice of bankruptcy will determine the total cost and time required to complete the process. Chapter 13 bankruptcies cost a bit more since they are stretched out over the course of several years, not several months. Be alert about any unusually low fees advertised by bankruptcy lawyers. You want someone to represent you who is experienced and comes highly recommended. Be sure to include everything so they can accurately portray your situation and get the best deal possible.

Be upfront and open about everything — remember that they are on your side! To prepare for your first court meeting, they will also go over sample questions so you know what to expect. Your creditors are allowed to attend and ask any questions they like related to your account. Depending on which chapter you choose, simply follow the instructions of your lawyer. You may lose some of your assets in the process, or have your money rifled through. On top of all that though, you need to figure out why you ended up in this situation and how to avoid it in the future. Talk to your lawyer or financial coach about changing your spending habits, and what you can do in the future to establish smarter money choices.

No matter what time of year it is, April 15 can seem too close for comfort -- especially if you are filing or considering filing for bankruptcy. With a little planning and preparation, you will at least know what to do to minimize your stress. Taxpayers who have made the filing for a bankruptcy and are still currently in the process usually make the mistake of filing their tax return as they normally would.

This is not the process that should be taken. Archer, a bankruptcy lawyer with Maselli Warren, P. The trustee's sole responsibility is to pay creditors with any assets that aren't exempt under federal or state law, whichever is applicable. The confusion for taxpayers in bankruptcy springs from the requirement for the filing of two types of tax forms.

One is for the individual and the other is for the bankruptcy estate. On the other hand, if a debtor files for bankruptcy under Chapter 11, he typically remains in control of the assets and will act as the bankruptcy trustee. The debtor acting as the bankruptcy trustee is required to file both the individual individual return and the bankruptcy estate return.

New York Bankruptcy

This is an issue that an individual who is both the trustee and the bankruptcy filer often seems to miss. Archer said that although the vast majority of Chapter 11 bankruptcies are filed by corporations, not individuals, it is still important for individual debtors to be aware of these two separate filings.

That is because an outside trustee might be interested in any tax refund that the debtor receives based on her individual filing. Depending on state and federal laws and the size of the refund, it might have to be turned over to the trustee to help pay off debt. As with a Chapter 7 bankruptcy, however, the trustee will file Form Barger said taxes may be defined as new debt if a person is unable to pay them. That can either force the court to dismiss or convert the current bankruptcy. In a Chapter 11 or Chapter 13 filing, both of which stretch over a period of time, the failure to file taxes or to keep current on new tax payments can result in a conversion of the bankruptcy to a Chapter 7 unless the case is dismissed entirely, Archer said.

In a Chapter 7 case, Archer explained, the failure to pay post-petition taxes will affect neither the bankruptcy nor the tax debt.

The Pros and Cons Of Bankruptcy

So while past taxes might have been discharged in the bankruptcy, beware of new taxes -- or any other new debt. Again, though, the most important thing is to file a return, even if you know you will owe taxes, and then try to work out a payment plan through the IRS if you are unable to pay the full amount due.

Carl G.

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New York Bankruptcy Means Test

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What is Bankruptcy?

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Personal Bankruptcy Lawyers in Syracuse New York

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  8. Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)
    Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)
    Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)
    Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)
    Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)
    Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)
    Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy) Bankruptcy in New York: What it is, What to Do, and How to Decide (What is Bankruptcy)

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